Chorus.ai participated in the recently concluded Zoomtopia 2018, Zoom.com’s annual event held at held at the San Jose McEnery Convention Center in San Jose, CA. Our CEO, Roy Raanani was on the main stage during the product keynote to talk about the Chorus.ai app in the Zoom App Marketplace. Zoomtopia is an annual celebration of Zoom’s customers and their successes, and an opportunity to learn about new technologies, develop your skills, network and connect with like-minded industry professionals.
With over 1300 in attendance, Day One consisted of 15 technical workshops featuring customers and Zoom experts, a Partner Summit and Women in Tech lunch. Day Two featured keynotes from world tennis champion and businesswoman Serena Williams, LinkedIn CEO Jeff Weiner, author Stephen M.R. Covey, informative breakout sessions; and a party with performances by Macklemore and DJ Rated R.
On the main stage with the Zoom product team, Roy announced a new Chorus.ai partnership with Zoom, enabling Chorus to contribute to the future of frictionless workplace communications. The new partnership will lead the way in how sales conversations can be analyzed and turned into actionable data in order to drastically increase revenue.
Roy hit the stage again on day 2 in a session titled “Emerging Technology and the Future of Meetings” and it was evident that he has a passion for voice, languages, technology, and the conversations that matter.
Chorus.ai exists to understand and enhance human communication
Roy was honored that he was invited to talk about how emerging technology would impact the future of meetings. Below is a recap of his session:
Chorus.ai analyzes business conversations to generate revenue. Chorus has worked with some of the strongest sales organizations in the country including Zoom, and has analyzed over 3 million business conversations.
More and more sales teams are having conversations digitally, and they are having them over Zoom. The single biggest driver on whether a salesperson wins a deal is the quality of their conversations. It all comes down to:
- The ability to build trust
- How questions are answered
- Sharing customer stories
- Positioning your solutions
In the past, all of these conversations were a black box.
Today, sales leaders and salespeople can deconstruct what happened in those meetings and game plan for future sales conversations in order to drive higher win rates and better customer experiences. Chorus and Zoom together allow you to analyze and use machine learning, natural language understanding, and artificial intelligence to understand what’s working and close more revenue.
We believe conversations are the heartbeat of organizations and relationships
Two things that happened within the last decade that made all this innovation possible:
1. More meetings started taking place digitally
In the past, to have a business meeting, someone would have to get on a plane or get in a car. As technology improved and teams became more distributed, they started having more meetings digitally. The beauty of digital meetings is that it becomes very easy to turn conversations into data.
It used to be that if you wanted to record an in-person meeting, someone had to take a device out and hit a button. Now, we can automatically start capturing that information, and map it to other systems that we have like a calendar or CRM. You can get all of the digital content that helps put the meeting in context.
2. A 2011 paper from Microsoft research regarding deep learning technology
The accuracy of speech recognition technology went up dramatically once that paper was released. Not only can we capture voice data, we can convert that speech into text and analyze the data and do something with it.
Data & AI Will Accelerate The Next Wave of Meeting Innovation
Better data leads to better decisions. Artificial Intelligence allows unprecedented access to customer insights like never before. Because all of this data can be analyzed and used to generate revenue, companies will be able to make more money and increase profitability.
4 Predictions on How Emerging Technologies Will Change the future of Meetings:
Prediction Zero - AI Technology Will Be Present in Your Meetings
From simple horizontal solutions, like starting your Zoom meeting with an Alexa command, to specialized AI with deep domain expertise in different areas like Chorus.ai, AI will impact how you conduct meetings in the future.
Prediction #1 - Meeting Quality Will Be Measured
Harvard Business Review reports that 71% of senior managers surveyed said that meetings are unproductive and inefficient. Meetings account for thousands of hours, millions of dollars in people cost, and billions in revenue.
AI will allow for visibility into meetings.
With digital meetings, you can take data and analyze it—and be more effective. Think about it, if you are able to get meeting reports at the end of the month that analyze engagement, participation, and trends, that is powerful data. It’s equally powerful if the analysis tells you that no decisions were made.
Without data, there’s no platform for change. More data and more analytics equals better results.
CSO Insights says that 57% of reps miss quota, and on average - 80% of deals won't close. And we don't know why. Sales meetings cost $100 per minute for a 30-minute meeting, so not knowing why is a huge expense. Data transparency will transform organizations.
Automatically recording and analyzing the source of truth helps you understand relevant sales information, and this data can automatically be loaded into your CRM for accurate customer insights.
Prediction #2 - Conversation Intelligence Will Prevent Wrong Turns in Deals
You've got 1 shot in a sales meeting to have an effective conversation with a prospect. Get it right or leave without the sale.
There will be in-call co-pilots that will help make the most of every sales call, bringing contextually relevant information during the meeting so you can be more effective. So, if sales meetings costs you $100 per minute, and someone asks you a question, you’ll be able to have the best answer possible. These co-pilots will be able to understand and interpret the conversation and be connected to your systems to pull the relevant data as needed.
Prediction #3 - Conversation Intelligence Will Make Real-Time Connections to Address Risks and Opportunities
The majority of forecasted deals don't close when expected. This is because there are hints during a conversation that less seasoned sales reps don’t pick up on that a sales manager would.
The benefit of AI is that it can join in every conversation and look for patterns that it’s analyzed in previous calls and pick up on signs of potential delays. AI can also listen for and understand upsell opportunities, and if found, it can query the CRM to see what account manager covers the client and alert them of the opportunity.
As far as risk is concerned, imagine a conversation in which the AI identifies a potential problem, it can flag the account and notify the team member who can most assist. AI allows you to get the right people at right time based on the system of intelligence. Sales win rates improve when the right people are engaged in the deal, and Chorus is building these types of alerts into messaging systems to alert the right people.
Prediction #4 - Conversation Intelligence Will Break Down Internal Silos
In most organizations, the sales team have the most communications and conversations with the clients. Building a customer-centric organization can require investment but pays dividends - According to Aberdeen Research, best in class companies utilizing voice of the customer enjoy an almost 10x greater year over year revenue increase.
As we start capturing all these meetings through Zoom and other digital platforms, the customer’s voice becomes available to the whole company and breaks down silos between teams, enabling the entire organization to focus on serving your customers.
- The Product Management team can search by specific customer pain points and build the roadmap to address these needs
- The Marketing team can understand how messaging and collateral lands with customers and optimize the materials they produce
- Product Marketing can identify which deals are competitive and enable the sales teams with positioning to drive higher win rates
Instead of having the info locked into the frontline sales organization, it can be given to other people in the organization who need it.
Chorus.ai analytics compares your sales team to your best rep. We let you see what your team needs to be doing to close more deals.
Recap of predictions
- Meeting Quality Will Be Measured
- Conversation Intelligence Will Prevent Wrong Turns in Deals
- Conversation Intelligence Will Make Real-Time Connections to Address Risks and Opportunities
- Conversation Intelligence Will Break Down Internal Silos
Do you like what you’ve heard? Would you like to see how the power of the new Chorus/Zoom partnership can increase your Conversation Intelligence, and empower your sales organization to increase revenues?
Contact us for a free demo today.